MGM Resorts International · Q3 2022 earnings

Briefing

MGM Resorts International reported mixed results for Q3 2022, with record Las Vegas Strip Resorts revenue offset by an operating loss due to increased amortization expenses and the absence of a prior-year gain.

MGM Resorts International reported a 26% increase in consolidated net revenues to $3.4 billion, driven by the inclusion of The Cosmopolitan and Aria, and increased Las Vegas Strip Resorts activity. However, the company experienced an operating loss of $1.0 billion, and a net loss attributable to MGM Resorts of $577 million, primarily due to increased noncash amortization expense and the absence of a prior-year gain on consolidation of CityCenter.

• Consolidated net revenues increased by 26% to $3.4 billion, driven by Las Vegas Strip Resorts.
• Operating loss was $1.0 billion, compared to an operating income of $1.9 billion in the prior year quarter, due to increased noncash amortization expense and the absence of a prior-year gain.
• Net loss attributable to MGM Resorts was $577 million, compared to a net income of $1.4 billion in the prior year quarter.
• The company repurchased approximately 10 million shares for an aggregate amount of $307 million in the quarter.

Headline financials

Revenue & EPS history

MGM Resorts' outlook remains promising, with continued progress in operations with BetMGM and development initiatives in New York and Japan, as well as strong bookings into 2023 in domestic operations.