There were ‘signs of stability and recovery’ in the third quarter results from MGM Resorts International, said CEO Bill Hornbuckle.
All of the company’s properties were open as of September 30 and the recovery, said Hornbuckle, was led by the US regional operations.
“We saw sequential improvement in all of our markets and several of our regional properties delivered quarterly adjusted property EBITDA records. Now we are focused on our long-term growth initiatives, particularly in US sports betting and igaming, where Bet MGM has gained significant momentum.”
Net revenues were down 66 per cent compared with the previous year’s comparable quarter when it stood at $1.1bn. Operating loss was $495m compared with a profit of $238m. However, the cash balance at the end of the quarter was $4.6bn and total liquidity stood at $7.8bn.
The Las Vegas Strip resorts saw revenues down 68 per cent, he said. In the regions it was only 49 per cent. But at MGM China in Macau net revenues were down 94 per cent.