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MGM reports 16% increase in new revenue despite cyberattack

November 13, 2023 World Casino & HotelIndustry Updates

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.

Related Article About: MGM Cyber Attack

Original story by: Gambling News

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