American casino operator MGM Resorts International has announced that its net revenues for 2021 rose by 88% year-on-year to top $9.7 billion as it chalked up record fourth-quarter adjusted earnings from its regional and Las Vegas Strip properties.
The Las Vegas-headquartered firm used an official Wednesday press release to detail that its net income for the twelve months to the end of December increased by an impressive 230% year-on-year to $1.3 billion at the same time as it realized an associated gain of $1.6 billion from completing the divestiture of its CityCenter Las Vegas development to The Blackstone Group Incorporated.
MGM Resorts International is responsible for eight regional American gambling properties such as the MGM Springfield, MGM Grand Detroit and MGM National Harbor facilities and revealed that aggregated annual casino revenues from these enterprises swelled by 72% year-on-year to top $3.4 billion. The New York-listed company disclosed that this came as the collection saw significant improvements in 2021 gaming table and slot win to post a 254% boost in adjusted property earnings to $1.2 billion.
Established in 1987, MGM Resorts International moreover runs eleven gambling-friendly venues along the Las Vegas Strip including the MGM Grand Las Vegas, Bellagio Las Vegas and Excalibur Hotel and Casino. It explained that this Nevada portfolio experienced an increase of 111% year-on-year in aggregated 2021 casino revenues to $4.7 billion as its associated adjusted property earnings enlarged by 649% to $1.7 billion.
MGM Resorts International additionally holds a controlling stake in Hong Kong-listed MGM China Holdings Limited, which is the operator of the prestigious MGM Cotai and MGM Macau venues in the Asian casino hotspot of Macau. The American firm disclosed that this subordinate experienced a lift of 84% year-on-year in aggregated annual gaming revenues to $1.2 billion as its analogous adjusted property earnings improved by almost 113% to $25 million.
Bill Hornbuckle serves as the Chief Executive Officer and President for MGM Resorts International and he used the press release to declare that his firm’s most recent financial results ‘are a testament to our talented team across the globe’ as well as to its ‘sharpened focus on operational efficiency’ following the significant disruption of the coronavirus pandemic. The boss pronounced that the recent recovery was furthermore evidence of ‘the proven resiliency of demand for the service and experiences that we provide’.
Read a statement from Hornbuckle…
“The strategic milestones we achieved in 2021 position us for further success in 2022 and we remain excited about our long-term opportunities including leading the United States sportsbetting and iGaming market through BetMGM, pursuing disciplined geographic expansion such as the Japan integrated resort and reinvesting in our core business to drive sustainable growth. As part of these efforts, we are proud to have recently launched our new MGM Rewards loyalty program, which offers an enhanced and further streamlined experience to millions of our members worldwide.”