Record Revenue Achieved
MGM Resorts achieved remarkable success in 2023, reporting a year-on-year revenue increase of 23.7%. The total revenue for the year amounted to $16.20 billion. This growth was primarily fueled by the thriving markets in Las Vegas and China.
Las Vegas Leads Revenue Surge
Las Vegas continued to be the primary revenue source for MGM Resorts, with a 4.8% increase in revenue compared to the previous year. The acquisition of The Cosmopolitan in May 2022 contributed to this growth, along with major events like the inaugural Formula One race in November.
Remarkable Growth in China
MGM China experienced the most significant growth in 2023, attributing it to the lifting of Covid-19 restrictions that had previously impacted its performance. Revenue in Macau skyrocketed by 368.1%, marking a substantial turnaround for the region.
BetMGM Expansion and Success
The joint venture with Entain, BetMGM, played a crucial role in MGM Resorts' success story. BetMGM met its full-year targets and expanded its operations outside the US by launching in the UK. Partnerships with companies like X and LeoVegas further bolstered its growth trajectory.
Resilience Amid Challenges
Despite facing challenges such as a cyber-attack on its systems in September, MGM Resorts showcased resilience and agility. CEO Bill Hornbuckle praised the team's ability to achieve record results, highlighting the robust performance of domestic properties and the digital arm, BetMGM.
Strong Financial Performance
MGM Resorts reported a 31.4% increase in operating profit, reaching $1.89 billion. While operating costs saw a notable rise, the company ended the year with a net profit of $1.14 billion. Adjusted EBITDAR for the year stood at nearly $5 billion, reflecting the company's strong financial position.
Ending on a High Note
The final quarter of 2023 saw continued growth for MGM Resorts, with revenue up 21.8%. Las Vegas and China led the surge in revenue, contributing to a net profit of $313.5 million for the quarter. Hornbuckle expressed gratitude to the employees for their dedication in delivering world-class service.
MGM Resorts' exceptional performance in 2023 underscores its resilience and strategic initiatives, positioning the company for further growth and success in the future.