MGM Resorts International has released its financial results for the quarter and year ending December 31, 2023.
Consolidated net revenues came in at $4.4bn, 22 per cent up on Q4 2022. This was put down primarily to “an increase in revenue at MGM China due to the removal of Covid-19 related entry restrictions in Macau.”
Operating income was $419m, up from an operating loss of $2m in Q4 2022. Consolidated Adjusted EBITDAR was $1.2bn.
For the whole year, the company recorded consolidated net revenues of $16.2bn, up from $13.1bn in the previous year, operating incomes of $1.9bn, up from $1.4bn in the previous year, and Consolidated Adjusted EBITDAR of $4.6bn.
"Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter Adjusted Property EBITDAR," said Bill Hornbuckle, president and CEO of MGM Resorts. "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. 2024 is off to a winning start with the launch of our Marriott relationship as well as opportunities to increase our convention room nights and international mix.”
"Yesterday, we closed on an amendment and extension to our senior secured credit facility, providing us with $610m in additional capacity and extending the maturity by over two years to 2029," said Jonathan Halkyard, chief financial officer and treasurer of MGM Resorts. "We continue to see great value in our shares and are returning capital to shareholders by repurchasing our shares. We have already bought back approximately 6m shares for an estimated $249m year-to-date, adding to the approximate 54m shares that we repurchased in 2023, totaling $7.1bn of repurchases since 2021."
