MGM Resorts International posted record second-quarter consolidated net revenue of $4.45bn, up one per cent year-on-year. Growth came from Las Vegas Strip properties and the digital division, but weakness in Macau dragged down overall operating profit.
Net income rose from $49m to $292m year-on-year. Adjusted EBITDAR, however, fell from $648m to $610m due to soft performance at MGM China.
Las Vegas drives growth
Strip resorts generated $2.2bn in revenue, up three per cent year-on-year. Table games revenue climbed 17 per cent on higher hold, even as hotel occupancy and RevPAR declined. The segment added three per cent in EBITDAR, reaching $735m.
Regional operations posted record quarterly revenue of $904m, up three per cent on a comparable basis, though the reported figure fell four per cent following the sale of Gold Strike Tunica and a change in accounting treatment for Beau Rivage.
Macau drags
MGM China revenue held flat at $1.1bn, but segment EBITDAR dropped 15 per cent to $257m. The decline came from low hold and rising operating expenses.
MGM Digital continued its run, with revenue up 20 per cent for the quarter.
CEO Bill Hornbuckle confirmed that construction of MGM Osaka remains on schedule for a 2030 opening. The board is still reviewing a non-binding acquisition proposal from People Incorporated.
