MGM reports 16% increase in new revenue despite cyberattack

MGM Resorts International performed admirably in the third quarter of 2023, as evidenced by its interim financial report, which revealed consolidated net revenues of nearly $4 billion, an increase of 16% compared to the corresponding period in 2022.

The remarkable surge can be ascribed to China’s exceptional performance subsequent to the relaxation of COVID-19 regulations in Macau, which assisted in mitigating the consequences of a cyberattack that adversely affected Las Vegas and operations in the region.

In Q3 2022, MGM China’s net revenue increased by 829 percent from $87 million to $813 million. In contrast, Las Vegas Strip Resorts and regional operations generated 8% and 5% decreases in net revenue, respectively, to $2.1 billion and $925 million.

In addition, the report highlighted the accomplishments of MGM Resorts in Asia, with a specific focus on its participation in an Implementation Agreement to finalize the integrated resort certification process in Osaka.

A substantial increase from the operating loss of $1.0 billion was recorded during the corresponding period in the prior year to the operating income of $370 million for the third quarter of 2023. Jonathan Halkyard, the CFO of MGM Resorts, described the company’s ongoing investigation into share repurchases as a compelling opportunity to maximize shareholder value.

MGM Resorts CEO Bill Hornbuckle praised the employees’ fortitude in the midst of a cybersecurity breach that occurred in September, stating that MGM emerged more resilient.

The analysis indicates that the third quarter of 2023 witnessed a net gain of $161 million, in contrast to a net loss of $577 million observed during the corresponding period in 2022. The consolidated adjusted EBITDAR for the third quarter of 2023 was documented as $1.1 billion. MGM is delighted by occurrences such as the F1 Grand Prix in Las Vegas and the introduction of the MGM Collection through Marriott Bonvoy.

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Original story by: Gambling News