MGM Resorts International Reports Strong Growth in Q3 2023

MGM Resorts International recently released its unaudited financial report, showcasing a notable increase in consolidated net revenues for the third quarter of 2023. The company's robust performance, particularly in MGM China, helped offset the negative impact of the cyberattack on its Las Vegas and regional operations. With consolidated net revenues reaching $4 billion, MGM Resorts experienced a significant 16% increase compared to the same period in 2022.

Although MGM China's exceptional performance mitigated the consequences of the cyberattack, the company's Las Vegas Strip Resorts and regional operations faced challenges. The net revenue for Las Vegas Strip Resorts decreased by 8%, amounting to $2.1 billion, while regional operations saw a 5% decline, reaching $925 million.

Despite these challenges, MGM Resorts demonstrated progress in the Asian market, particularly in Japan, by finalizing the certification process for its integrated resort in Osaka. The company's operating income for Q3 2023 was $370 million, a significant improvement compared to the $1.0 billion operating loss during the same period in 2022. Moreover, the company's net income for the quarter reached $161 million, a notable improvement from the $577 million net loss in Q3 of the previous year.

MGM Resorts' CEO and president, Bill Hornbuckle, emphasized the company's resilience in the face of challenges, highlighting the strong performance of MGM China and the dedication of its team. Looking ahead, the company is anticipating the F1 Grand Prix in Las Vegas and the launch of the MGM Collection in partnership with Marriott Bonvoy. The company remains focused on exploring options for share repurchases, aiming to provide value to its shareholders.