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Dec 31, 2020
MGM Q4 2020 Earnings Report
MGM's Q4 2020 performance was impacted by the pandemic, resulting in revenue decline, but the company expressed confidence in long-term recovery and focused on cost efficiencies and growth in BetMGM.
Key Takeaways
MGM Resorts International reported a 53% decrease in consolidated net revenues to $1.5 billion for Q4 2020 compared to the prior year quarter. The company experienced a net loss attributable to MGM Resorts of $448 million, and a diluted loss per share of $0.92. Despite these challenges, the company remains confident in the long-term recovery of its business and is focused on cost efficiencies and the growth of BetMGM.
Consolidated net revenues decreased by 53% year-over-year to $1.5 billion due to the pandemic.
MGM China's net revenues decreased 58% compared to the prior year.
Las Vegas Strip Resorts net revenues decreased 66% compared to the prior year.
Regional Operations net revenues decreased 34% compared to the prior year.
MGM
MGM
MGM Revenue by Segment
Revenue by Segment
Las Vegas Strip Resorts Revenue
CapyFin.comRegional Operations Revenue
CapyFin.comMGM China Revenue
CapyFin.comManagement & Other Operations Revenue
CapyFin.com Forward Guidance
MGM Resorts is focused on maintaining a strong balance sheet, driving the growth of BetMGM, and ensuring the safety and well-being of its teams and communities.
Positive Outlook
- The Company remains confident in the long-term recovery of the Las Vegas and Macau markets.
- The Company's liquidity at its domestic operations remains strong at $5.6 billion.
- BetMGM continues to deliver on market share gains in the growing U.S. sports betting and iGaming market.
- The company has strengthened its operational foundation through cost efficiencies that position it for sustainable growth.
- MGM expects to be in 20 markets by the end of the year, and are very pleased with the January launches in Iowa, Michigan, and Virginia.
Challenges Ahead
- Consolidated net revenues decreased 53% compared to the prior year quarter to $1.5 billion.
- Consolidated operating loss was $364 million compared to consolidated operating income of $3.0 billion in the prior year quarter.
- Net loss attributable to MGM Resorts of $448 million compared to net income attributable to MGM Resorts of $2.0 billion in the prior year quarter.
- Diluted loss per share of $0.92 in the current quarter compared to diluted earnings per share of $3.91 in the prior year quarter.
- Consolidated Adjusted EBITDAR of $97 million in the current quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income