Resort and casino operating giant, MGM Resorts International has reported financial results for the quarter and year ended December 31, 2017.
Quarter four saw net revenues increased five per cent over the prior year quarter at the company's domestic resorts to US$1.9 bn. An operating income of US$305m at the same resorts saw a two per cent decrease over the prior year quarter.
Net income attributable to MGM Resorts of was US$1.4bn, but this was due to a including a non-recurring, non-cash income tax benefit of the same amount on the back of US tax reforms, compared to US$25m in 2016. Adjusted Property EBITDA increased one per cent over the prior year quarter to US$496m.
The year ending results came in with consolidated net revenues of US$10.8bn and domestic resorts net revenues of US$8.3bn, an 18 per cent increase over the prior year at the Company's domestic resorts. Operating income of US$1.8bn was raised by these same locations. The same tax reforms saw net income of US$2bn, compared to US$1.1bn in the prior year.
The year’s EBITDA of US$2.5bn represented a 22 per cent increase over the prior year and a six per cent increase on a same-store basis.
"Our fourth quarter results further exhibited the strength and durability of our organisation," said Jim Murren, chairman & CEO of MGM Resorts. "We look forward to another rewarding year in 2018. MGM COTAI, Macau's most technologically advanced resort opened its doors last week. This year, we will also welcome MGM Springfield in the third quarter, the completion of Park MGM and NoMad by the end of the year.”
