MGM Q4 2021 Earnings Report
Key Takeaways
MGM Resorts International reported record fourth-quarter results, driven by operational efficiency and strong demand. Consolidated net revenues reached $3.1 billion, a 105% increase year-over-year, and net income attributable to MGM Resorts was $131 million, compared to a net loss of $448 million in the prior year quarter. The company repurchased $727 million of its common stock during the quarter, and remains focused on maximizing long-term shareholder value.
Consolidated net revenues increased by 105% compared to the prior year quarter, reaching $3.1 billion.
Net income attributable to MGM Resorts was $131 million, a significant improvement from the prior year quarter's net loss of $448 million.
Las Vegas Strip Resorts and Regional Operations Adjusted Property EBITDAR increased 84% and 36%, respectively, compared to the fourth quarter of 2019.
The company repurchased $1.75 billion of shares of common stock in 2021, demonstrating a commitment to returning capital to shareholders.
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MGM Revenue by Segment
Forward Guidance
MGM Resorts is focused on several key areas for future growth and success, including leading in the U.S. sports betting and iGaming market, pursuing disciplined geographic expansion, and reinvesting in the core business.
Positive Outlook
- Leading the U.S. sports betting and iGaming market through BetMGM.
- Pursuing disciplined geographic expansion such as the Japan integrated resort.
- Reinvesting in the core business to drive sustainable growth.
- Recently launched new loyalty program, MGM Rewards.
- Maintaining a strong balance sheet.
Challenges Ahead
- Continued impact of the COVID-19 pandemic on the Company’s business.
- Effects of economic conditions and market conditions in the markets in which the Company operates.
- Competition with other destination travel locations throughout the United States and the world.
- Risks relating to international operations.
- Design, timing and costs of expansion projects.
Revenue & Expenses
Visualization of income flow from segment revenue to net income