MGM Resorts International has released its Q3 2023 results, revealing a surge in net revenue which the company attributed to MGM China following the removal of Covid-19 restrictions.
Consolidated net revenues totalled $4bn, a 16 per cent increase against Q3 2022.
Net income attributable to MGM Resorts was $161m, against a net loss of $577m in the prior year quarter.
Consolidated Adjusted EBITDAR stood at $1.1bn for the quarter.
The company. Repurchased $572m in shares during the quarter, and a new $2bn share repurchase programme was authorised by the board of directors.
“We started the quarter with great momentum across our businesses. While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination. With the incident now behind us, we are a stronger company having been through the challenge,” said Bill Hornbuckle, CEO and president of MGM Resorts.
“Going forward we have much to be optimistic about with Formula 1’s inaugural Las Vegas race next week and early next year the debut of the MGM Collection with Marriott Bonvoy followed by the Super Bowl.
“Beyond these catalysts, MGM China is performing exceptionally well, and we have a pipeline of development opportunities including New York and Japan alongside the growth and development of our international digital business and BetMGM.”
“We continue to view share repurchases as an attractive opportunity to return value to our shareholders,” said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. “Year-to-date, we have repurchased approximately $1.7 billion in stock. Our buyback program totals $6.2 billion since the beginning of 2021, reducing our share count by over 30%.”