MGM Resorts International performed strongly in the third quarter of the year, with revenues and EBITDA both up year on year.
Operating income was $113m compared to a loss of $206m in the third quarter of 2010, while EBITDA rose from $280m to $444m.
The results demonstrated the “inherent operating leverage” in the business, CEO Jim Murren said.
MGM’s domestic resorts earned EBITDA of $348m, up 10 per cent on the corresponding quarter last year. The company’s Macau operations under its MGM China subsidiary, meanwhile, achieved EBITDA of $139m, compared with $84m a year earlier.
“MGM China’s operating trends continue to improve,” said Murren. “We are extremely pleased with our Cotai development plans while at the same time have some exciting expansion opportunities within our existing MGM Macau property.”
In June, MGM China raised approximately $1.4bn from an initial public offering of 760 million shares as part of a shareholding reorganisation.
