MGM Resorts Posts Exceptional Q4 and 2023 Results

The leading US and international gambling, entertainment and hospitality company, MGM Resorts International, released its latest unaudited financial report Tuesday. The company disclosed details regarding its performance for the fourth quarter of 2023 as well as the full year, highlighting strong growth in revenue pushed by exceptional results from MGM China.

For 2023, MGM Resorts posted consolidated net revenues of $16.2 billion. This result, compared to the $13.1 billion reported in 2022, represented an increase of 23%. The company explained that the strong result comes after an increase in the revenue reported by MGM China in combination with growth in its non-gaming revenues in Las Vegas. Still, MGM Resorts confirmed that the strong result was partially offset by a dip in the revenue reported by its regional operations.

Operating income for 2023 hit $1.9 billion. Not unexpectedly, this result also marked an increase when compared to the $1.4 billion figure reported for the prior year. In contrast, the net income attributable to MGM Resorts for 2023 halted at $1.1 billion, a slight decrease when compared to the $1.5 billion result from 2022.

It’s no surprise that the company’s Las Vegas operations posted strong revenues. In total, MGM Resorts’ Las Vegas Strip Resorts posted net revenue of $8.8 billion for 2023, a result that represented a 5% increase when compared to the $8.4 billion figure posted for the prior year.

As noted, MGM China saw a significant increase in revenue. In 2023, MGM China’s net revenues hit $3.2 billion, representing a staggering 368% increase when compared to the 2022 figure of $674 million. Additionally, the revenue surpassed the 2019 result by 9%.

The Company Enjoys Strong Growth in Q4

Bill Hornbuckle, MGM Resorts’ CEO and president, explained that MGM China and the company’s Las Vegas Strip Resorts hit new all-time records during the fourth quarter and full year for adjusted property EBITDAR. “Our premium positioning and offerings in Las Vegas enable us to capture incremental profit during major events such as the inaugural Formula 1 race and our first Super Bowl,” he added. Finally, Hornbuckle said that MGM Resorts is off to a flying start for 2024, especially considering new opportunities and the recent launch of its partnership with Marriott.

“Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter Adjusted Property EBITDAR.“

Bill Hornbuckle, CEO and president of MGM Resorts

Focusing on the fourth quarter, MGM Resorts’ consolidated net revenues increased by 22% year-over-year to $4.4 billion. The company explained that the result was “primarily to an increase in revenue at MGM China due to the removal of COVID-19 related entry restrictions in Macau, partially offset by a decrease in casino revenues at Regional Operations and the dispositions of The Mirage and Gold Strike Tunica.”

The company’s Las Vegas operations saw a revenue uptick of 3% to $2.4 billion for Q4 2023. On the other hand, MGM China posted a staggering 463% increase in revenue for the fourth quarter to $983 million. In contrast, MGM Resorts’ regional operations saw a revenue decline of 12% to $873 million.