MGM Q4 2022 Earnings Report
Key Takeaways
MGM Resorts International reported consolidated net revenues of $3.6 billion, an 18% increase compared to the prior year quarter. However, the company experienced an operating loss of $2 million, compared to an operating income of $369 million in the prior year quarter, primarily due to increased noncash amortization and rent expense. Net income attributable to MGM Resorts was $284 million, compared to $131 million in the prior year quarter.
Consolidated net revenues increased by 18% to $3.6 billion.
Operating loss was $2 million, compared to operating income of $369 million in the prior year quarter.
Net income attributable to MGM Resorts was $284 million, compared to $131 million in the prior year quarter.
Share buybacks totaled $352 million in Q4 2022.
MGM
MGM
MGM Revenue by Segment
Forward Guidance
MGM Resorts anticipates a bright outlook for 2023, driven by a robust events calendar domestically, MGM China’s rapid year-to-date return to profitability and BetMGM's ongoing improvement.
Positive Outlook
- Strong momentum in the business.
- Robust events calendar domestically.
- MGM China’s rapid year-to-date return to profitability
- BetMGM's ongoing improvement in 2023.
- Exceptional results in the fourth quarter
Challenges Ahead
- No specific negative guidance was provided in the earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income