MGM Resorts hits record revenue in Q2 2023

MGM Resorts International has released its Q2 2023 results, revealing an all-time record for consolidated net revenue.

It came in at US$3.9bn, which is an increase of 21 per cent against the prior year quarter, although this is primarily due to Covid-19 restrictions being lifted in Macau.

Consolidated Adjusted EBITDAR was $1.1bn, and BetMGM reported is first positive EBITDA quarter, remaining “on track to achieve its milestone of second half profitability.”

“Beyond MGM’s outstanding second quarter performance, we also cemented a long-term agreement with Marriott which will provide us with an expansive customer booking channel to further bolster our profitability.” said Bill Hornbuckle, CEO and president of MGM Resorts.

“Looking forward to the rest of 2023 and beyond, we are encouraged by the pacing of both Formula 1 and the Super Bowl and the announced relocation of the A’s, which will further solidify Las Vegas as the sports and entertainment capital of the world.”

The results also reveal MGM China outperformed Macau market recovery with Adjusted Property EBITDAR and net revenues surpassing Q2 2019.

MGM repurchased approximately 15m shares for $626m during the quarter.