MGM Resorts Reports Record Revenue Growth in 2023
Date: 2024-02-26 Author: Dima Zakharov Categories: EVENTS
Breaking Down MGM's Success
MGM's Revenue Surge
In 2023, MGM Resorts witnessed a significant increase in revenue, reaching $16.20 billion, showcasing a remarkable 23.7% rise compared to the previous year. This growth was fueled by thriving operations in key markets, particularly Las Vegas and China.
Las Vegas Triumph
Las Vegas remained a vital revenue source for MGM, with a 4.8% year-on-year revenue increase. The acquisition of The Cosmopolitan and major events like the Formula One race further boosted revenue in the city.
Explosive Growth in China
MGM China experienced exceptional growth in 2023, attributing it to the lifting of Covid-19 restrictions that had impacted performance in the preceding year.
BetMGM's Expansion
BetMGM, MGM's joint venture with Entain, exceeded full-year targets and expanded into the UK market, showcasing significant growth in the "management and other operations" segment.
CEO's Optimism
MGM CEO Bill Hornbuckle commended the resilience of the company, highlighting its ability to achieve record results despite challenges like the cyber-attack in September. Hornbuckle emphasized the outstanding performance of MGM's domestic properties and the robustness of markets like Las Vegas and Macau.
Financial Breakdown
Casino activity remained the primary revenue driver, followed by rooms, food, and beverage. Despite increased operating costs, MGM's operating profit rose by 31.4% in 2023.
Future Ventures
MGM's plans for expansion include transforming its Empire City Casino in New York into a full-scale commercial casino and pursuing opportunities in Osaka, Japan, with construction slated to begin in 2025.
MGM's impressive performance in 2023 underscores its resilience and strategic vision, positioning the company for continued success in the global hospitality and entertainment industry.
