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MGM Resorts International has reported record second-quarter consolidated net revenue of $4.45bn, up one per cent year-on-year, with growth across its Las Vegas Strip resorts and digital operations helping to offset softer performance at MGM China.
Net income increased to $292m from $49m in the prior-year period, while consolidated Adjusted EBITDAR declined to $610m from $648m.
Las Vegas Strip Resorts generated revenue of $2.2bn, an increase of three per cent, with casino revenue rising 17 per cent following stronger table games hold. Segment Adjusted EBITDAR increased three per cent to $735m despite lower hotel occupancy and a decline in RevPAR.
Regional Operations delivered record same-store quarterly revenue of $904m, up three per cent year-on-year, although reported revenue declined four per cent following the sale of Gold Strike Tunica and Beau Rivage’s transfer to a new reporting structure.
MGM China’s revenue remained broadly flat at $1.1bn, while Segment Adjusted EBITDAR fell 15 per cent to $257m as lower hold and increased operating costs impacted profitability.
The group’s digital operations continued to expand, with MGM Digital reporting 20 per cent revenue growth during the quarter.
Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts, said: “We delivered record second quarter consolidated net revenues driven by strong operating performance in Las Vegas and continued momentum in our digital business. We remain confident in the long-term fundamentals of our business and continue to make progress on strategic growth initiatives, including MGM Osaka.”
The company confirmed construction of MGM Osaka remains on schedule ahead of its planned 2030 opening and noted that its Board continues to evaluate the previously announced non-binding acquisition proposal from People Incorporated.
